Senate Bill S3541

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3541

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 24, 2009
                               ___________

Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Civil  Service  and
  Pensions

AN  ACT  to amend the retirement and social security law, in relation to
  establishing the New York state sustainable private equity  investment
  program  and  to  establish  the sustainable private equity investment
  board

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The retirement and social security law is amended by adding
two new sections 423-c and 423-d to read as follows:
  S 423-C. NEW YORK STATE SUSTAINABLE PRIVATE EQUITY INVESTMENT PROGRAM.
1.  THE  COMPTROLLER IS HEREBY AUTHORIZED TO ESTABLISH WITHIN THE COMMON
RETIREMENT FUND A NEW YORK STATE SUSTAINABLE PRIVATE  EQUITY  INVESTMENT
PROGRAM  FOR  THE  PURPOSE OF INVESTING IN PRIVATE BUSINESSES ENGAGED IN
THE GENERATION AND USE OF CLEANER ENERGY, CONSERVATION  AND  EFFICIENCY,
ADVANCING  RENEWABLE  ENERGY  GENERALLY  INCLUDING,  BUT NOT LIMITED TO,
DISTRIBUTED GENERATION, POWER TRANSMISSION AND DISTRIBUTION, ALTERNATIVE
AND RENEWABLE ENERGY,  ENERGY  MANAGEMENT  SYSTEMS,  WATER  PURIFICATION
TECHNOLOGY  AND  INFRASTRUCTURE,  AND  MANUFACTURING  TECHNOLOGIES.  THE
PROGRAM SHALL  BE  DEVOTED  TO  PRIVATE  BUSINESSES  WHOSE  LOWER-CARBON
APPROACHES  ARE  RELEVANT TO CLIMATE CHANGE, AND WHOSE TECHNOLOGIES HELP
REDUCE EMISSIONS RELATIVE TO TRADITIONAL  FOSSIL  FUEL  USE,  REDUCE  OR
SEQUESTER  GREENHOUSE GASES, AND WHOSE NEW TECHNOLOGIES REDUCE EMISSIONS
RELATIVE TO TRADITIONAL FOSSIL FUEL USE.  THE COMPTROLLER IS  AUTHORIZED
TO  INVEST  UP  TO  TWO  HUNDRED  FIFTY MILLION DOLLARS OF ASSETS OF THE
COMMON RETIREMENT FUND TO CARRY OUT THE PURPOSES OF  THIS  SECTION.  THE
COMPTROLLER  MAY  MAKE  INVESTMENTS PURSUANT TO THIS SECTION IN PARTNER-
SHIPS, CORPORATIONS, TRUSTS OR LIMITED LIABILITY COMPANIES ORGANIZED  ON
A  FOR-PROFIT  BASIS  THAT ENTER INTO AGREEMENTS TO INVEST THE MONEYS OF
THE NEW YORK STATE SUSTAINABLE  PRIVATE  EQUITY  INVESTMENT  PROGRAM  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06455-02-9
              

S. 3541                             2

QUALIFIED  BUSINESSES.  THE  COMPTROLLER  SHALL  MAKE  SUCH  INVESTMENTS
CONSISTENT WITH THE PROVISIONS OF PARAGRAPH (B) OF SUBDIVISION  NINE  OF
SECTION  ONE  HUNDRED SEVENTY-SEVEN OF THIS CHAPTER. THE COMPTROLLER MAY
ESTABLISH  PROCEDURES  NECESSARY TO INSURE THAT INVESTMENTS OF MONEYS OF
THE NEW YORK STATE SUSTAINABLE PRIVATE EQUITY  INVESTMENT  PROGRAM  ARE,
FOR  EACH  INVESTMENT  IN  A  QUALIFIED  BUSINESS,  EQUITABLY MATCHED BY
INVESTMENTS MADE BY OTHER SOURCES. THE COMPTROLLER  SHALL  CONSULT  WITH
THE  SUSTAINABLE  PRIVATE  EQUITY INVESTMENT BOARD WHEN DETERMINING IF A
BUSINESS OR BUSINESS PRACTICE IS SUSTAINABLE. THE COMPTROLLER SHALL,  TO
THE  MAXIMUM EXTENT PRACTICABLE, INSURE THAT THE GEOGRAPHIC DISTRIBUTION
OF INVESTMENTS IN THE PROGRAM IS IN PROPORTION TO THE STATE POPULATION.
  2. THE SUSTAINABLE PRIVATE EQUITY INVESTMENT BOARD  SHALL  CONSIST  OF
ELEVEN MEMBERS WHO SHALL BE SELECTED AS FOLLOWS:
  (A) ONE SHALL BE THE COMPTROLLER, OR HIS OR HER DESIGNEE, WHO SHALL BE
THE CHAIRPERSON OF THE COUNCIL;
  (B)  ONE  SHALL BE THE PRESIDENT OF THE NEW YORK STATE ENERGY RESEARCH
AND DEVELOPMENT AUTHORITY, OR HIS OR HER DESIGNEE;
  (C) THREE SHALL BE APPOINTED BY THE GOVERNOR; PROVIDED, HOWEVER,  THAT
NO MORE THAN TWO SUCH APPOINTMENTS MADE PURSUANT TO THIS PARAGRAPH SHALL
BE  FROM  THE  SAME  CATEGORY  OF MEMBERS AS PROVIDED FOR IN SUBDIVISION
THREE OF THIS SECTION; AND WHO SHALL BE SUBJECT TO CONFIRMATION  BY  THE
SENATE;
  (D)  THREE  SHALL BE APPOINTED BY THE GOVERNOR UPON THE RECOMMENDATION
OF THE TEMPORARY PRESIDENT OF THE SENATE;  PROVIDED,  HOWEVER,  THAT  NO
MORE  THAN ONE SUCH APPOINTMENT MADE PURSUANT TO THIS PARAGRAPH SHALL BE
FROM THE SAME CATEGORY OF MEMBERS AS PROVIDED FOR IN  SUBDIVISION  THREE
OF THIS SECTION; AND
  (E)  THREE  SHALL BE APPOINTED BY THE GOVERNOR UPON THE RECOMMENDATION
OF THE SPEAKER OF THE ASSEMBLY; PROVIDED, HOWEVER, THAT NO MORE THAN ONE
SUCH APPOINTMENT MADE PURSUANT TO THIS PARAGRAPH SHALL BE FROM THE  SAME
CATEGORY  OF  MEMBERS  AS  PROVIDED  FOR  IN  SUBDIVISION  THREE OF THIS
SECTION.
  3. THE MEMBERS APPOINTED UPON  THE  RECOMMENDATION  OF  THE  TEMPORARY
PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY, AND THE MEMBERS
APPOINTED  BY  THE GOVERNOR PURSUANT TO PARAGRAPH (C) OF SUBDIVISION TWO
OF THIS SECTION, SHALL INCLUDE A  STATEWIDE  ENVIRONMENTAL  ORGANIZATION
REPRESENTATIVE,  A  VENTURE CAPITAL SPECIALIST, A STATEWIDE AGRICULTURAL
ORGANIZATION REPRESENTATIVE, A BUSINESS ENGAGED  IN  SUSTAINABLE  ENERGY
GENERATION, AND AN EXPERT IN SUSTAINABLE BUSINESS PRACTICES.
  4.  EACH  BOARD  MEMBER  SHALL  BE APPOINTED FOR A TERM OF FOUR YEARS.
VACANCIES IN THE BOARD OCCURRING OTHERWISE THAN BY EXPIRATION OF A  TERM
SHALL  BE  FILLED  FOR  THE  UNEXPIRED  TERM  IN  THE SAME MANNER AS THE
ORIGINAL APPOINTMENT. THE BOARD SHALL MEET AS FREQUENTLY AS IT MAY  DEEM
NECESSARY AND AT LEAST FOUR TIMES EACH YEAR ON SUCH DATES AS AGREED UPON
BY  THE  BOARD. THE BOARD MAY APPROVE AND FROM TIME TO TIME AMEND BYLAWS
IN RELATION TO ITS MEETINGS AND  THE  TRANSACTION  OF  ITS  BUSINESS.  A
MAJORITY OF THE MEMBERS OF THE COUNCIL THEN IN OFFICE SHALL CONSTITUTE A
QUORUM FOR THE TRANSACTION OF ANY BUSINESS OR THE EXERCISES OF ANY POWER
BY THE BOARD.
  5.  MEMBERS  OF  THE  BOARD  SHALL  RECEIVE  NO COMPENSATION FOR THEIR
SERVICES, BUT SHALL BE REIMBURSED  FOR  ACTUAL  AND  NECESSARY  EXPENSES
INCURRED BY THEM IN THE PERFORMANCE OF THEIR DUTIES. NOTWITHSTANDING ANY
INCONSISTENT  PROVISIONS  OF LAW, NO OFFICER OR EMPLOYEE OF THE STATE OR
ANY POLITICAL SUBDIVISION OF THE STATE  SHALL  FORFEIT  SUCH  OFFICE  OR
EMPLOYMENT  BY  REASON  OF  ACCEPTANCE OR APPOINTMENT AS A MEMBER OF THE
BOARD. FOR PURPOSES OF SECTION  THIRTEEN  OF  ARTICLE  THIRTEEN  OF  THE

S. 3541                             3

CONSTITUTION,  MEMBERSHIP ON THE BOARD BY A SHERIFF SHALL NOT CONSTITUTE
PUBLIC OFFICE.
  6.  THE BOARD SHALL BE SUBJECT TO ARTICLES SIX AND SEVEN OF THE PUBLIC
OFFICERS LAW.
  S 423-D.  POWERS AND DUTIES OF THE BOARD. 1. THE BOARD SHALL SERVE  AS
A RESOURCE CENTER FOR THE GATHERING AND DISSEMINATION OF INFORMATION AND
PROVIDE  OTHER  ASSISTANCE  TO  THE  COMPTROLLER RELATING TO SUSTAINABLE
INVESTMENT.
  2. THE BOARD SHALL DEVELOP A DEFINITION OF SUSTAINABLE INVESTMENTS AND
A LIST OF PRIVATE BUSINESS SECTORS THAT WOULD BE INCLUDED IN  THE  DEFI-
NITION  OF  SUSTAINABLE INVESTMENTS. SUCH LIST SHALL INCLUDE, BUT NOT BE
LIMITED TO, THOSE PRIVATE BUSINESSES ENGAGED IN THE GENERATION  AND  USE
OF  CLEANER  ENERGY,  CONSERVATION  AND  EFFICIENCY, ADVANCING RENEWABLE
ENERGY GENERALLY INCLUDING, BUT NOT LIMITED TO, DISTRIBUTED  GENERATION,
POWER  TRANSMISSION  AND DISTRIBUTION, ALTERNATIVE AND RENEWABLE ENERGY,
ALTERNATIVE  FUEL  TECHNOLOGY,  BIOFUEL  TECHNOLOGY,  ENERGY  MANAGEMENT
SYSTEMS,  WATER PURIFICATION TECHNOLOGY AND INFRASTRUCTURE, AND MANUFAC-
TURING TECHNOLOGIES.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Dollar costs or revenue losses  within  projections  for
future years insofar as possible; OR anticipated income or revenue gains
with projections for future years insofar as possible.
  If  this bill is enacted, there would be small administrative costs to
pay the  administrative  expenses  of  the  sustainable  private  equity
investment board.
  The  source  of  this  fiscal  note  is Office of New York State Comp-
troller.